Earthquake insurance claims cause the third highest number of consumer complaints

Earthquake insurance - Complaints

The Australian Financial Complaints Authority recorded COVID and flood emergency claims in first and second. Earthquake insurance claim are responsible for the third most consumer complaints, behind only claims relating to COVID and those associated with flood emergencies, according to new data from the Australian Financial Complaints Authority (AFCA) based on Queensland and New South Wales filings. As of June 22, the AFCA had already received more than 350 complaints about claims from a September quake. The town of Mansfield in Victoria, Australia, suffered a 5.9 magnitude earthquake September 22,…

Read More

EU watchdog seeks harmonized insurance policy protection strategy

Insurance policy - Approved

Consumers across the European Union are increasingly purchasing coverage from outside their countries. Harmonized insurance policy protection strategies of last resort are now necessary throughout the EU as the trend in which consumers in members states purchase coverage from outside their country of residence continues to rise, said the bloc’s insurance regulator this week. The cross-border premiums have been rapidly rising over the last half decade compared to domestic rates. European Insurance and Occupational Pensions Authority (EIOPA) Chair Petra Hielkema explained that premiums people are paying for cross-border insurance policy…

Read More

IRA cautions that insurance fraud is harming the economy

Insurance Fraud - Research and analysis

The regulatory authority is urging Kenyans to cease their fraudulent claims as it’s hurting their economy. The Insurance Regulatory Authority (IRA) is urging people across Kenya to cease the rampant insurance fraud through scam claims. The IRA stated that the practice has been causing notable harm to the economy, while also slowing down the pace of legitimate claims settlements and causing premiums to spike and stay high. In fact, the IRA estimates that this practice is inflating premiums people are paying by up to 25 percent. The regulatory authority stated…

Read More

Allianz reports spike in ship insurance claims from Black Sea region

Ship insurance - Cargo ship out at sea

The high-risk area has caused global insurers to see more filings and it’s expected to continue. A recent Allianz Global Corporate & Specialty (AGCS) report shows that ship insurance claims are on the rise and are only expected to continue rising due to the Russian war in Ukraine. The claims are expected to increase due to damaged and lost vessels as the conflict enters sea lanes. By the time of the writing of this article, there had already been two people killed and six merchant vessels struck by projectiles in…

Read More

EU places sanctions on Russian oil insurance for transport

Oil insurance - European Union

European Union members are going beyond an import ban and are now targeting its coverage. The European Union is moving beyond the previous Russian crude import ban and is now targeting oil insurance companies covering the transport of the fuel. This move could substantially impair Russia’s ability to ship its crude to locations worldwide. The oil insurance sanctions have to do with banning coverage for European vessels and companies linked with the transportation of Russian crude worldwide. This is one component of a broader sanctions package the EU has been…

Read More

Massive insurance battle results from Russia’s seizure of 400 planes

Insurance battle - Russia Flag - Plane

Aircraft lessors are filing claims for payouts, but insurers don’t agree that coverage extends that far. When Russia invaded Ukraine, it threw a number of markets into turmoil, and in the case of the aircraft market, it has also led to a tremendous insurance battle. Aircraft leasing firms provide approximately half of the 1,000 planes in Russian airline fleets. The aircraft leasing firms are from outside Russia and are finding themselves locked between Russian airlines that refuse to pay and insurers who say they’re not obligated to do so. This…

Read More

Insurance claims spike as Russia impounds almost 800 foreign-owned jets

Aviation Insurance claims

Fitch and Moody’s have predicted that the potential covered losses could reach $10 billion. Russia has passed a low transferring nearly 800 jets owned by western companies to Russian airlines in response to foreign sanctions, driving a wave of insurance claims from the firms that had been leasing them there. Leasing firms have had entire fleets taken over by Russia, losing hundreds of jets all at once. The leasing firms are expected to assert that registering the jets in Russia when they were already on the books in other territories…

Read More